Part 1 of The Adventure of North Park Fixer Units in San Diego
Dave and I purchased our first San Diego multiple unit property.
Now before you get too excited for us, these units are fixers. Built in North Park, an urban area of San Diego, in the early-mid 1900’s. The buildings have deferred maintenance, they even have knob and tube wiring.
Dave is a contractor; these 3 units are going to need all, my design knowledge, his refurbishing skill and a good deal of his/our money!
Going through a San Diego real estate purchase of my own has been fun. I love the thought that I get to experience what my clients experience, being unsure, the fear, the excitement, ultimately the faith and joy.
I was in a professional meeting and was asked to speak for 3 minutes about “what I would tell a 50 year old if they were willing to listen to me.”
After thinking about that for a bit. I shared that I would tell a 50 year old to take calculated risks because that is what is making my life interesting and fun. I talked a bit about the purchase of these units, how Dave and I ran “the numbers” inside and out. We talked about our fears and our “why” we want to own this property. We discussed the challenges we would be facing to pay for, repair and then manage the units. And how interesting it would be to go through the process. Then we held hands and jumped in with both feet!
Our “why” is our plan toward the time we are no longer working, you know that little known thing called “retirement.” We are both passionate about what we get to do everyday in our businesses. But, there will come a time when we will choose to spend our time doing other things (possibly grandchildren, maybe travel, volunteer our service to others). Our number crunching led us to believe that owning this property would be a benefit towards our dream of having the choice to continue working, to work part-time or to retire.
So, here we go! Wish us luck! WooHoo!
Stay tuned to hear about our progress on The Adventure of North Park Fixer Units in San Diego!
Missed a post? The entire series here:
The Adventure of North Park Fixer Units in San Diego Part 1
The Adventure of North Park Fixer Units in San Diego Part 2
The Adventure of North Park Fixer Units in San Diego Part 3
The Adventure of North Park Fixer Units in San Diego Part 4